Election results: what’s next?

Election results: what’s next?

Labour won a landslide victory in the general election on 4 July 2024 and Rachel Reeves made her first speech as the incoming Chancellor of the Exchequer on 8 July 2024, promising a ‘new approach to growth’. But how do Labour expect to achieve this growth and what are...
Reporting rules for digital marketplaces

Reporting rules for digital marketplaces

From 1 January 2024 online platforms such as websites, online marketplaces and apps that allow individuals and businesses to sell items and services are required to collect and report seller information and income to HMRC. If you sell items through eBay, Etsy,...
Voluntary Class 2 NIC wrongly refunded

Voluntary Class 2 NIC wrongly refunded

If you made voluntary Class 2 national insurance contributions (NIC) for the 2022- 23 tax year, check whether this payment has been refunded in error by HMRC. Some self-employed taxpayers who made voluntary Class 2 payments by 31 January 2024 may have an unexpected...
Basis period reform: additional profits

Basis period reform: additional profits

From 6 April 2024 all unincorporated businesses (sole traders and partners in a partnership) are required to report profits or losses in line with the tax year. Businesses with an accounting period end other than 5 April or 31 March will need to report pro-rated...
Cash basis by default

Cash basis by default

From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and...